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World Poker Tour Enterprises announced yesterday that it has signed a sponsorship deal with Internet poker room FullTiltPoker.net. According to the agreement, Full Tilt will pay $3.2 million to sponsor the WPT's seventh tournament season.
Full Tilt will become the WPT's primary television sponsor, allowing the company to continue airing its events on Fox Sports Net as well as on Mexican broadcast affiliates.
The news comes after WPTE reported declining revenues ealier this week and as it finishes closing its own online poker room. WPTE revenues are down 36 percent for the third quarter of 2008, putting them in dangerous territory with Nasdaq. Usually, if a company "breaks a buck" and does not recover within 30 days, it loses its place on the Nasdaq index. Although Nasdaq has informed WPTE that it has until May 18, 2009 to recover its stock value - in light of widespread financial decline - the falloff has certainly had an effect on the company's business strategy.
"We are delighted to be in a partnership with FullTiltPoker.net," WPTE founder and CEO Steve Lipscomb said. "WPT's incredible brand value and TV distribution through FSN coupled with FullTiltPoker.net's massive online following... opens more channels to reach new fans and (to) continue feeding the appetite for new poker content."